Finances

Government loans aren’t patching the hole in European corporate finances, Moody’s warnsHealth care, manufacturing and chemicals are now more exposed as the coronavirus pandemic deepens and spreads to previously resilient sectors, says Moody’s.

French official expresses optimism recovery fund proposal will be backed amid ‘Frugal Four’ oppositionA French official on Tuesday expressed optimism the European Council will back the efforts by France and Germany for a 500 billion euro fund

U.K. raids £150 million from forgotten bank accounts to help charities battling the coronavirus crisis Accounts untouched for 15 years are deemed dormantU.K. government pledges to unlock £150m from unused bank accounts to fund ‘good causes.’

Plastic screens and makeshift grocery stores: How one restaurant chain is surviving the coronavirus crisis Welcome to the new normal of ordering food on Britain’s high streetBritish fast-food chain Leon has turned some of its restaurants into ‘mini-supermarkets.’

Coronavirus is crushing emerging markets. Why the rest of the world will pay a price Essential goods and raw materials to become scarcer, while demand for finished goods declinesEssential goods and raw materials to become scarcer post-pandemic, while demand for finished goods declines, writes Satyajit Das.

Europe’s bickering over coronavirus bill spills over into Italian bond market Borrowing costs for Italy remain elevatedWild swings in Italian government bond markets is bringing back worries that weaker members of the eurozone will be unable to bear the fiscal hit from the pandemic.

Coronavirus update: U.S. death toll tops 61,000 as President Trump says he will not extend social-distancing guidelines American Airlines posts more than $2 billion loss, and McDonald’s beats on revenue even with many restaurants closedThe U.S. death toll from the coronavirus that causes COVID-19 rose above 61,000 on Thursday, as President Donald Trump said he would not extend federal social-distancing guidelines that are set to expire tonight.

Lockdowns do bring economic disaster. But don’t rush to the exitAs new economic data and forecasts reveal the amount of destruction that coronavirus will leave in its wake, the pressure mounts on governments to ease their strict lockdowns. But there is no model for exiting and hurrying could prove the worst possible economic choice.

Coronavirus update: 1.46 million cases worldwide, 85,397 deaths; Wuhan lifts travel ban, while U.S. case tally tops 400,000 Arconic is cutting 10% of its workforce, and McDonald’s has raised $6.5 billion in debt to boost liquidityThe number of U.S. cases of the coronavirus that causes COVID-19 rose above 400,000 on Wednesday, as companies continued to cut costs and furlough workers as they close offices and idle plants to prevent the spread of the deadly illness.

Coronavirus lockdowns and social-distancing fuel surge in use of fintech apps “A new era has already begun, with digitalisation and new technologies driving the shift,” according to international financial advisory organization deVere Group.Fintech is fast-becoming the new normal as coronavirus lockdowns and social-distancing fuel surge in apps

European banks skid as ECB asks lenders not to pay dividendsEuropean banks dropped on Monday after the chief regulator for the region recommended no dividend payments be made until the autumn, though the broader market turned higher after a strong start on Wall Street.

U.K. government unveils package to pay self-employed 80% of income, but the money won’t be available until June Aid centers on taxable grant worth 80% of wages, capped at £2,500 a month Britain’s chancellor describes scheme to help self-employed as “one of the most generous in the world.”

EU leaders seek economic strategy for life after coronavirus Action plan sought on how to recover after pandemic has passedEuropean Union national leaders told the bloc’s finance ministers Thursday to draw up new measures to tackle the devastating economic impact of the coronavirus pandemic after failing to bridge major differences over how best to share the debt burden.

The U.K. is right to throw fiscal caution to the wind. Here’s why.Chancellor the Exchequer Rishi Sunak’s budget will increase the deficit and raise the level of public debt. But the U.K. can afford it, and shouldn’t worry about the country’s capacity to finance itself on the markets,

Britain warns of ‘significant’ impact to economy as it unveils £30 billion coronavirus strategy, while U.S. mulls measuresChancellor Rishi Sunak uses his first budget to unveil a £30 billion spending boost to tackle the impact of coronavirus and support the economy

Facebook, Google, Amazon to be hit with new 2% U.K. digital-service taxThe U.K. Treasury announced in its budget documents that it will introduce a digital service tax on search engines, social media services and online marketplaces. "The application of the current corporate tax rules to businesses operating in the digital economy has led to a misalignment between the place where profits are taxed and the place where value is created," the Treasury said. The rate of the tax will be 2% and raise around £2 billion for the public finances and take effect in April. The tax will be applied to companies with at least £500 million in global revenue and £25 million in U.K. revenue, meaning firms including Google , Facebook and Amazon will be hit. The first £25 million in U.K. revenue will not be subject to the new tax.

The coronavirus is a serious concern but the stock market’s selloff is not Investors are panicked but this isn’t how the bull endsInvestors are panicked but this isn’t how the bull ends, writes Howard Gold.

UEFA bans Manchester City from Champions League for two years The European soccer club was banned for ‘serious breaches’ of spending rulesThe European soccer club was banned for ‘serious breaches’ of spending rules.

New Irish government will need to start spending — and brace for BrexitSinn Féin’s participation in a coalition government would tilt policies to the left. But after years of fiscal restraint, Ireland needs to spend on social services, and brace for Brexit.

Saint-Gobain: U.S. affiliate files for Chapter 11 to resolve asbestos liabilitiesCompagnie de Saint-Gobain SA said late Thursday that its U.S. affiliate DBMP LLC has filed for Chapter 11 bankruptcy proceedings in an effort to resolve its liabilities related to asbestos claims

Meghan Markle already signed a deal with Disney amid royal exit: report Markle did voiceover in return for a donation to Elephants Without Borders, a non-profit organization in Botswana that aims to protect the species from poaching - report Meghan Markle is wasting no time embarking on her and Prince Harry’s independent career path amid their exit as senior members of the royal family.

London stocks struggle as investors gauge U.S.-Iran conflict J. Sainsbury, NMC Health and Anglo American among stocks on the moveLondon stocks struggled for traction on Wednesday as investors watched a tense geopolitical standoff after Iran targeted U.S. troops with missile strikes, days after American airstrikes killed a key Iranian general.

FTSE 100 and smaller stocks rise on the back of fall in sterlingU.K. stocks were mostly higher on Monday, bucking sluggish action across Europe, as a drop in the pound inspired gains for domestically-focused stocks and exporters.

U.K. Conservatives under fire for Twitter switch during debateBritain’s Conservative Party was accused Wednesday of trying to deceive voters by changing the name of its press office Twitter account to “factcheckUK” during a televised election debate between Prime Minister Boris Johnson and opposition Labour Party leader Jeremy Corbyn.

BT wins British TV rights for Champions League for next 3 years Deal with subscription-TV channel worth more than $1.5 billionUEFA has sold the rights to broadcast Champions League soccer games in Britain for more than $1.5 billion with BT Sport signing up for another three seasons, The Associated Press has learned.

Why the prospective $70 billion buyout of Walgreens may signal the stock-market rally is about to end The deal would be the biggest LBO ever — and carry echoes of a troubled deal of the pastWalgreens deal would be the biggest leveraged buyout in history and has shades of another troubled deal from the past.

Next tumbles, Standard Chartered climbs in otherwise quiet London markets Investors watch for Fed decision laterAn otherwise quiet session for London stocks was peppered by gains for Standard Chartered and losses for retailer Next.

Why the U.K. spending binge shouldn’t scare the bond market Both U.K. parties are planning to ramp up spendingWhatever the outcome of the EU summit that will decide the fate of Brexit later this week, the U.K. government will embark on a big spending binge. But financial markets shouldn’t worry.

Poland’s ruling conservative party declares victory in national election Party has been accused of weakening rules of law, threatening democracyPoland’s conservative governing Law and Justice party won the most votes in Sunday’s election in the deeply divided nation and appeared, according to an exit poll, to have secured a comfortable majority in parliament to govern for four more years.

Socialists again win Portugal election, but fall shy of majority Left-of-center party benefits from recent economic reboundThe center-left Socialist Party got the most votes in Portugal’s general election Sunday, leaving it poised to continue leading the government for another four years.

People who live on the coast are typically happier than those who don’t Those residing about half a mile from the beach are up to 40% less likely to show signs of mental health disordersThose residing about half a mile from the beach are up to 40% less likely to show signs of mental health disorders.

EU court rules in favor of Starbucks in tax break battle The court says Starbucks did not get illegal state support as claimed by EU regulatorsThe court says Starbucks did not get illegal state support as claimed by EU regulators.

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